For businesses processing payments across Europe, Spain’s shift from regulatory framework to live payment infrastructure creates a direct commercial opportunity. Merchants, importers, and platforms that currently absorb card scheme fees or face high-risk account rejections now have a structured alternative. TODA Pay provides access to Spain’s open banking network through a single, PSD2-compliant API connection.
Spain’s Open Banking Infrastructure Is Already Live
Spain built its open banking foundation on Redsys — a centralised PSD2 API gateway developed collaboratively by Spanish banks and financial institutions. Rather than fragmented, bank-by-bank integrations, Redsys delivers a standardised interface aligned with the Berlin Group framework, connecting regulated third-party providers to over 80 banks simultaneously.
The infrastructure covers the market’s full breadth:
- CaixaBank, BBVA, Banco Santander, Bankinter, and Kutxabank all expose open banking APIs through the Redsys platform
- 95% of banked users in Spain are reachable through leading API aggregators
- 46 bank APIs and 25 API aggregators are currently active in the market (Open Banking Tracker, October 2024)
- 157 cross-border TPPs have passported services into Spain as of Q1 2025 — confirming international demand
Spain’s late PSD2 ratification — November 2018 — meant implementation arrived with greater standardisation than early-adopter markets. The result is a more consistent API environment for PSPs and merchants entering today.
Why A2A Payments Outperform Card Schemes in Spain
Account-to-account payments via open banking in Spain route funds directly between bank accounts, bypassing Visa, Mastercard, and their associated interchange structures. For high-volume merchants and cross-border operators, the cost and speed differences are material.
| Parameter | A2A via Open Banking | Card Payment |
| Transaction fee | From 0.1% (flat) | 1.5%–3.5% + fixed fee |
| Settlement speed | Same-day via SEPA Instant | T+1 to T+3 |
| Chargeback exposure | None — bank-authenticated | Standard card chargeback rules apply |
Spain’s SEPA Instant Credit Transfer (SCT Inst) coverage reaches 98% of the payment market. As of January 2023, 79% of Spain’s SEPA participants support SCT Inst — significantly ahead of France (52%) and the Netherlands (41%). Funds authorised through open banking settle within seconds, not days.
Open Banking Spain Use Cases for High-Risk Merchants
Card networks classify entire business categories as restricted — regardless of individual merchant compliance. Payment initiation services (PIS) under open banking in Spain operate outside card scheme rules entirely, creating a compliant payment channel where traditional acquiring fails.
Businesses that benefit most from this structure include:
- High-risk e-commerce operators (nutraceuticals, gaming, forex, adult) blocked or rate-penalised by standard PSPs
- Importers and cross-border platforms processing large SEPA transfers who need same-day settlement without card interchange
- Subscription and SaaS businesses requiring recurring bank debits without exposure to card expiry or chargeback cycles
- Fintech platforms and digital wallets that need both AIS data aggregation and PIS payment initiation through one API
A PISP licence allows payment initiation directly from a customer’s bank account with SCA-verified consent. The merchant receives confirmed funds — with no card network intermediary and no chargeback mechanism working against them.
Regulatory Drivers Accelerating Spain’s Open Banking Market
The regulatory environment in Spain is actively removing friction for businesses adopting open banking in Spain. Three EU-level developments directly improve the commercial viability of A2A payments over the next 24 months:
- SEPA Instant Payments Regulation (February 2024): All euro credit transfers must settle within 10 seconds, available 24/7 — making open banking checkout and disbursement operationally reliable at scale
- PSD3 and PSR: The incoming framework forces banks to improve API quality, reliability, and TPP access rights — reducing integration friction and payment failure rates for merchants
- FiDA (Financial Data Access Regulation): Extends data access beyond payment accounts to savings, loans, insurance, and investments — enabling richer onboarding, scoring, and financial product flows
- Regulatory sandbox legislation (Spain, 2020): Allows fintech providers to test compliant open banking use cases in a controlled environment before full market deployment
Each of these developments directly reduces the operational risk of building on Spain’s open banking infrastructure today.
Connect to Spain’s Open Banking Market Through One API
Spain’s open banking market combines mature infrastructure, accelerating regulation, and an underserved commercial segment — high-risk merchants, importers, and platforms that card networks consistently fail to serve. The business case for switching from card-dependent payment flows to A2A is measurable: lower per-transaction costs, same-day settlement, and zero chargeback exposure.
TODA Pay connects businesses to 80+ Spanish banks through a single PSD2-compliant API, covering both payment initiation and account data services without multiple vendor contracts or licensing complexity. For merchants ready to process payments outside card scheme restrictions, TODA Pay delivers the infrastructure that makes it operational.
Frequently Asked Questions
What is open banking in Spain and how does it work?
Open banking in Spain allows licensed third-party providers to access bank account data and initiate payments via PSD2-compliant APIs. Spanish banks connect through the Redsys gateway, which standardises access across 80+ institutions using the Berlin Group framework.
Which Spanish banks support open banking APIs?
Major Spanish banks — including CaixaBank, BBVA, Banco Santander, Bankinter, and Kutxabank — provide open banking APIs through the centralised Redsys PSD2 platform. Coverage reaches approximately 95% of all banked users in Spain through leading aggregators.
How does open banking in Spain differ from Bizum?
Bizum operates as a peer-to-peer instant payment scheme tied to mobile banking apps, primarily serving consumer transfers between individuals. Open banking in Spain enables direct account-to-account payments for merchants, platforms, and businesses without routing through consumer-facing mobile schemes.
Can high-risk merchants use open banking payments in Spain?
Yes — open banking payments via PISP bypass card networks entirely, eliminating the card scheme restrictions that typically block high-risk merchant accounts. This makes open banking in Spain a direct and compliant alternative for merchants in regulated or restricted verticals.
What is the difference between tink open banking spain coverage and other providers?
Tink open banking Spain coverage focuses primarily on consumer data aggregation and AIS services across Europe as a Visa-owned platform. Providers offering both PISP and AISP functions with dedicated support for commercial and high-risk merchant use cases deliver broader operational utility for businesses processing payments in Spain.
